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Your Path from Lab to Market

Navigate the deep tech commercialization journey — understand where you are and what comes next

The Deep Tech Journey

Most founders underestimate the complexity of turning research into revenue.
This map shows the five critical stages — and what success looks like at each one.

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1
Research Validation
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2
Spinoff/Startup Creation
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3
First Capital
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4
Product-Market Fit
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5
Scale

Stage 1: Research Validation

What happens here: TRL 3-4, lab proof of concept. Looking for validation funding to prove technical feasibility.

Typical Challenges

  • Validating market need and technical capability
  • IP strategy and decisions (patent, trade secret, open source)
  • Team formation (technical and commercial skills)
  • Funding for proof-of-concept
  • IP clearance (internal and with partner institutions)

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What Success Looks Like

  • Technical proof of concept
  • IP strategy defined and initial filings made
  • Market application identified
  • Preliminary team formation begun
  • Early-stage & validation funding secured
Typical Funding Sources:
EIC Pathfinder National Research Grants Pre-seed grants Regional innovation programs

Stage 2: Spinoff/Startup Creation

What happens here: Company incorporation, equity negotiations, IP licensing, first team formation. Transitioning from institutional project to independent venture.

Typical Challenges

  • Entity structuring & founder equity
  • First capital strategy
  • Business model development
  • Building founding team
  • Board structure balancing
  • Institution equity negotiations, licensing agreements

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What Success Looks Like

  • Fair equity allocation agreed
  • IP strategy in place and starting implementation
  • Technology licensed or transferred properly
  • Founding team complete (technical + commercial)
  • Board structure established
  • EU capital applications filed or planned
Typical Funding Sources:
Angel investors Pre-seed funds EIC Pathfinder / Transition National innovation grants

Stage 3: First Capital

What happens here: Seed round, product development, first customers or pilots. Proving you can build what you promised and find early adopters.

Typical Challenges

  • Investor preparation (creating narrative, investor-ready pitch deck and materials)
  • Understanding private and public capital (when to seek what)
  • Building credible business and financial models and projections
  • Preparation for institutional due diligence
  • Identifying and preparing for appropriate highly competitive EU public capital

NovaCeptual Services

What Success Looks Like

  • Seed funding - public or private - secured
  • Institutional-grade pitch materials
  • Business model iterated and first credible version established
  • Pilot customers engaged, champions identified
  • First runway established
Typical Funding Sources:
Seed VCs Angel syndicates EIC Accelerator EIT KICs programs

Stage 4: Product-Market Fit

What happens here: Series A, product refinement based on customer feedback, go-to-market execution, revenue traction. Proving repeatable sales.

Typical Challenges

  • Go-to-market execution & customer acquisition
  • Product-market fit validation
  • Building scalable operations
  • Series A fundraising preparation
  • Managing growth vs burn rate

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What Success Looks Like

  • Repeatable sales process established
  • Series A raised
  • Product-market fit validated
  • Customers/users acquired
  • Team scaled with additional people
Typical Funding Sources:
Series A VCs Growth equity funds EIT KICs scale-up programs Strategic investors

Stage 5: Scale

What happens here: Series B+, market expansion, team scaling, operational excellence. Building the infrastructure for hypergrowth.

Typical Challenges

  • Maintaining culture through rapid hiring
  • International expansion and localization
  • Building operational infrastructure that scales
  • Managing investor expectations vs sustainable growth
  • Preparing for exit or public markets

NovaCeptual Services

What Success Looks Like

  • Multiple markets/geographies served
  • Predictable revenue growth
  • Unit economics proven at scale
  • Strong leadership team across all functions
  • Clear path to exit or IPO
Typical Funding Sources:
Series B/C/D VCs Growth Equity Funds Strategic Acquirers Public Markets (IPO track)

Where Are You on This Journey?

Click your current stage to see what comes next

Ready to Discuss Your Next Step?

Every stage requires different infrastructure. Let's talk about what you need to move forward.

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